Regarding house valuation
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 Mar 8 2022, 08:42 AM
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#1
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All Stars
13,681 posts Joined: Mar 2006  
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TS, just FYI
if the fact that property bank value worth 700k. but your transaction price is 600k, then the new bank value automatic be 600k even your house worth 700k. The valuer do the report based on the actual value and transaction price whichever is lower. |
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Mar 8 2022, 09:33 AM
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#2
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All Stars
13,681 posts Joined: Mar 2006
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QUOTE(mini orchard @ Mar 8 2022, 09:04 AM) If that is the case, there is no reason for a valuation report by a registered valuer. Any person without a qualification can write such report equal or lower than SnP price to save his butt. Like above post#5 forumer said, the valuer is conducting the valuation based on the snp transaction price.A valuation report or any professional reports should be unbiased and the opinion of the person reporting it. Is up to the bank or any party who relies on it to decide how to act on the report.  The report will only mean whether the value match with the transaction price or not. In this thread, TS, me and forumer post#5 all are in this case. |
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Mar 8 2022, 10:05 AM
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#3
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All Stars
13,681 posts Joined: Mar 2006
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QUOTE(mini orchard @ Mar 8 2022, 09:43 AM) Valuation is an opinion and NOT based on SnP. Is like saying the buyer seller is doing the valuation and the 'valuer' sign the confirmation and collect fee. I bought a house recently 748kEasy money though. the valuation report indicate the bank value = 748k exactly Anyway, the valuer will gather the nearby similar property's transaction record via JPPH, compare the historical price against the target property's snp price |
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Mar 8 2022, 10:14 AM
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#4
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All Stars
13,681 posts Joined: Mar 2006
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QUOTE(mini orchard @ Mar 8 2022, 10:08 AM) Honestly, can a valuation opinion be EXACTLY RM748k on the dot ? because the valuation objective is to justify the loan amount only. Valuation is an ESTIMATION ! Latest transaction value is 748k, its mean the latest market price is 748k, the valuer is conservative and not willing to risk himself for increase the value price. |
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Mar 8 2022, 10:20 AM
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#5
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All Stars
13,681 posts Joined: Mar 2006
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QUOTE(mini orchard @ Mar 8 2022, 10:18 AM) That is not 'valuation' report. Is just formality to comply with bank need to have a 'report' to justify the loan. yes, i agreed.Sadly, borrowers are forced to pay for unnecessary report |
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